Intrinsic value of B. Riley Financial - RILY

Previous Close

$17.50

  Intrinsic Value

$206.18

stock screener

  Rating & Target

str. buy

+999%

Previous close

$17.50

 
Intrinsic value

$206.18

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of RILY stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  515
  796
  1,191
  1,728
  2,438
  3,352
  4,499
  5,908
  7,602
  9,602
  11,923
  14,577
  17,571
  20,906
  24,581
  28,594
  32,938
  37,606
  42,591
  47,884
  53,481
  59,373
  65,557
  72,031
  78,793
  85,843
  93,186
  100,826
  108,769
  117,025
Variable operating expenses, $m
  375
  570
  845
  1,220
  1,714
  2,351
  3,150
  4,131
  5,312
  6,705
  8,307
  10,156
  12,241
  14,564
  17,125
  19,920
  22,947
  26,199
  29,671
  33,359
  37,258
  41,363
  45,672
  50,182
  54,892
  59,804
  64,920
  70,242
  75,776
  81,528
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  375
  570
  845
  1,220
  1,714
  2,351
  3,150
  4,131
  5,312
  6,705
  8,307
  10,156
  12,241
  14,564
  17,125
  19,920
  22,947
  26,199
  29,671
  33,359
  37,258
  41,363
  45,672
  50,182
  54,892
  59,804
  64,920
  70,242
  75,776
  81,528
Operating income, $m
  141
  226
  346
  509
  724
  1,001
  1,349
  1,776
  2,290
  2,897
  3,617
  4,422
  5,330
  6,341
  7,456
  8,673
  9,991
  11,407
  12,919
  14,525
  16,222
  18,010
  19,886
  21,849
  23,900
  26,039
  28,266
  30,584
  32,993
  35,498
EBITDA, $m
  166
  256
  383
  556
  785
  1,079
  1,448
  1,901
  2,446
  3,090
  3,837
  4,691
  5,654
  6,728
  7,910
  9,202
  10,600
  12,102
  13,706
  15,410
  17,210
  19,107
  21,097
  23,180
  25,356
  27,625
  29,988
  32,447
  35,003
  37,660
Interest expense (income), $m
  0
  37
  141
  293
  507
  798
  1,183
  1,678
  2,299
  3,063
  3,980
  5,064
  6,322
  7,760
  9,381
  11,188
  13,180
  15,354
  17,707
  20,236
  22,937
  25,805
  28,837
  32,030
  35,380
  38,888
  42,551
  46,371
  50,349
  54,488
  58,792
Earnings before tax, $m
  104
  85
  52
  2
  -74
  -182
  -329
  -523
  -772
  -1,083
  -1,447
  -1,900
  -2,430
  -3,040
  -3,732
  -4,506
  -5,363
  -6,300
  -7,317
  -8,412
  -9,583
  -10,827
  -12,144
  -13,531
  -14,987
  -16,512
  -18,105
  -19,766
  -21,495
  -23,294
Tax expense, $m
  28
  23
  14
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  76
  62
  38
  1
  -74
  -182
  -329
  -523
  -772
  -1,083
  -1,447
  -1,900
  -2,430
  -3,040
  -3,732
  -4,506
  -5,363
  -6,300
  -7,317
  -8,412
  -9,583
  -10,827
  -12,144
  -13,531
  -14,987
  -16,512
  -18,105
  -19,766
  -21,495
  -23,294

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,139
  3,305
  4,942
  7,171
  10,117
  13,908
  18,669
  24,514
  31,543
  39,842
  49,474
  60,487
  72,907
  86,745
  101,997
  118,647
  136,671
  156,041
  176,724
  198,691
  221,911
  246,361
  272,023
  298,884
  326,941
  356,197
  386,664
  418,364
  451,324
  485,583
Adjusted assets (=assets-cash), $m
  2,139
  3,305
  4,942
  7,171
  10,117
  13,908
  18,669
  24,514
  31,543
  39,842
  49,474
  60,487
  72,907
  86,745
  101,997
  118,647
  136,671
  156,041
  176,724
  198,691
  221,911
  246,361
  272,023
  298,884
  326,941
  356,197
  386,664
  418,364
  451,324
  485,583
Revenue / Adjusted assets
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
Average production assets, $m
  112
  174
  260
  377
  532
  731
  981
  1,288
  1,657
  2,093
  2,599
  3,178
  3,830
  4,557
  5,359
  6,233
  7,180
  8,198
  9,285
  10,439
  11,659
  12,943
  14,292
  15,703
  17,177
  18,714
  20,315
  21,980
  23,712
  25,512
Working capital, $m
  -91
  -140
  -210
  -304
  -429
  -590
  -792
  -1,040
  -1,338
  -1,690
  -2,098
  -2,566
  -3,092
  -3,679
  -4,326
  -5,033
  -5,797
  -6,619
  -7,496
  -8,428
  -9,413
  -10,450
  -11,538
  -12,677
  -13,868
  -15,108
  -16,401
  -17,745
  -19,143
  -20,596
Total debt, $m
  904
  1,880
  3,251
  5,116
  7,582
  10,755
  14,740
  19,632
  25,516
  32,462
  40,524
  49,742
  60,137
  71,720
  84,485
  98,421
  113,508
  129,720
  147,032
  165,418
  184,854
  205,318
  226,797
  249,280
  272,763
  297,251
  322,752
  349,285
  376,873
  405,547
Total liabilities, $m
  1,790
  2,766
  4,137
  6,002
  8,468
  11,641
  15,626
  20,518
  26,402
  33,347
  41,410
  50,628
  61,023
  72,606
  85,371
  99,307
  114,394
  130,606
  147,918
  166,304
  185,739
  206,204
  227,683
  250,166
  273,649
  298,137
  323,638
  350,171
  377,759
  406,433
Total equity, $m
  349
  539
  806
  1,169
  1,649
  2,267
  3,043
  3,996
  5,142
  6,494
  8,064
  9,859
  11,884
  14,139
  16,625
  19,339
  22,277
  25,435
  28,806
  32,387
  36,171
  40,157
  44,340
  48,718
  53,291
  58,060
  63,026
  68,193
  73,566
  79,150
Total liabilities and equity, $m
  2,139
  3,305
  4,943
  7,171
  10,117
  13,908
  18,669
  24,514
  31,544
  39,841
  49,474
  60,487
  72,907
  86,745
  101,996
  118,646
  136,671
  156,041
  176,724
  198,691
  221,910
  246,361
  272,023
  298,884
  326,940
  356,197
  386,664
  418,364
  451,325
  485,583
Debt-to-equity ratio
  2.590
  3.490
  4.040
  4.380
  4.600
  4.740
  4.840
  4.910
  4.960
  5.000
  5.030
  5.050
  5.060
  5.070
  5.080
  5.090
  5.100
  5.100
  5.100
  5.110
  5.110
  5.110
  5.110
  5.120
  5.120
  5.120
  5.120
  5.120
  5.120
  5.120
Adjusted equity ratio
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163
  0.163

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  76
  62
  38
  1
  -74
  -182
  -329
  -523
  -772
  -1,083
  -1,447
  -1,900
  -2,430
  -3,040
  -3,732
  -4,506
  -5,363
  -6,300
  -7,317
  -8,412
  -9,583
  -10,827
  -12,144
  -13,531
  -14,987
  -16,512
  -18,105
  -19,766
  -21,495
  -23,294
Depreciation, amort., depletion, $m
  25
  30
  38
  47
  61
  77
  99
  125
  156
  193
  220
  269
  325
  386
  454
  528
  609
  695
  787
  885
  988
  1,097
  1,211
  1,331
  1,456
  1,586
  1,722
  1,863
  2,009
  2,162
Funds from operations, $m
  101
  92
  76
  49
  -13
  -104
  -230
  -398
  -616
  -891
  -1,227
  -1,631
  -2,105
  -2,654
  -3,278
  -3,978
  -4,754
  -5,605
  -6,530
  -7,527
  -8,595
  -9,730
  -10,933
  -12,200
  -13,532
  -14,926
  -16,383
  -17,903
  -19,486
  -21,132
Change in working capital, $m
  -34
  -49
  -69
  -95
  -125
  -161
  -202
  -248
  -298
  -352
  -409
  -467
  -527
  -587
  -647
  -706
  -765
  -822
  -877
  -932
  -985
  -1,037
  -1,088
  -1,139
  -1,190
  -1,241
  -1,292
  -1,345
  -1,398
  -1,453
Cash from operations, $m
  135
  142
  145
  143
  111
  57
  -28
  -150
  -318
  -539
  -818
  -1,164
  -1,579
  -2,067
  -2,631
  -3,272
  -3,990
  -4,784
  -5,653
  -6,596
  -7,610
  -8,693
  -9,844
  -11,061
  -12,341
  -13,685
  -15,091
  -16,558
  -18,088
  -19,679
Maintenance CAPEX, $m
  -6
  -10
  -15
  -22
  -32
  -45
  -62
  -83
  -109
  -140
  -177
  -220
  -269
  -325
  -386
  -454
  -528
  -609
  -695
  -787
  -885
  -988
  -1,097
  -1,211
  -1,331
  -1,456
  -1,586
  -1,722
  -1,863
  -2,009
New CAPEX, $m
  -42
  -61
  -86
  -117
  -155
  -199
  -250
  -307
  -369
  -436
  -506
  -579
  -653
  -727
  -801
  -875
  -947
  -1,018
  -1,087
  -1,154
  -1,220
  -1,285
  -1,348
  -1,411
  -1,474
  -1,537
  -1,601
  -1,665
  -1,732
  -1,800
Cash from investing activities, $m
  -48
  -71
  -101
  -139
  -187
  -244
  -312
  -390
  -478
  -576
  -683
  -799
  -922
  -1,052
  -1,187
  -1,329
  -1,475
  -1,627
  -1,782
  -1,941
  -2,105
  -2,273
  -2,445
  -2,622
  -2,805
  -2,993
  -3,187
  -3,387
  -3,595
  -3,809
Free cash flow, $m
  87
  71
  45
  4
  -75
  -188
  -340
  -541
  -797
  -1,115
  -1,502
  -1,962
  -2,500
  -3,119
  -3,818
  -4,601
  -5,465
  -6,410
  -7,434
  -8,537
  -9,714
  -10,966
  -12,289
  -13,683
  -15,146
  -16,678
  -18,277
  -19,945
  -21,682
  -23,489
Issuance/(repayment) of debt, $m
  670
  976
  1,371
  1,865
  2,466
  3,173
  3,985
  4,892
  5,884
  6,946
  8,063
  9,218
  10,396
  11,582
  12,766
  13,936
  15,086
  16,212
  17,312
  18,386
  19,435
  20,465
  21,479
  22,483
  23,483
  24,487
  25,501
  26,533
  27,588
  28,674
Issuance/(repurchase) of shares, $m
  55
  128
  229
  362
  554
  800
  1,105
  1,476
  1,918
  2,436
  3,017
  3,695
  4,454
  5,296
  6,218
  7,220
  8,301
  9,457
  10,689
  11,993
  13,368
  14,813
  16,327
  17,909
  19,560
  21,281
  23,071
  24,933
  26,868
  28,878
Cash from financing (excl. dividends), $m  
  725
  1,104
  1,600
  2,227
  3,020
  3,973
  5,090
  6,368
  7,802
  9,382
  11,080
  12,913
  14,850
  16,878
  18,984
  21,156
  23,387
  25,669
  28,001
  30,379
  32,803
  35,278
  37,806
  40,392
  43,043
  45,768
  48,572
  51,466
  54,456
  57,552
Total cash flow (excl. dividends), $m
  813
  1,175
  1,644
  2,232
  2,945
  3,786
  4,749
  5,827
  7,005
  8,267
  9,578
  10,950
  12,350
  13,760
  15,165
  16,556
  17,922
  19,260
  20,566
  21,842
  23,089
  24,312
  25,516
  26,709
  27,898
  29,090
  30,295
  31,520
  32,774
  34,064
Retained Cash Flow (-), $m
  -131
  -190
  -267
  -363
  -554
  -800
  -1,105
  -1,476
  -1,918
  -2,436
  -3,017
  -3,695
  -4,454
  -5,296
  -6,218
  -7,220
  -8,301
  -9,457
  -10,689
  -11,993
  -13,368
  -14,813
  -16,327
  -17,909
  -19,560
  -21,281
  -23,071
  -24,933
  -26,868
  -28,878
Prev. year cash balance distribution, $m
  48
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  730
  985
  1,377
  1,868
  2,391
  2,986
  3,645
  4,351
  5,087
  5,831
  6,561
  7,255
  7,895
  8,464
  8,947
  9,335
  9,622
  9,802
  9,878
  9,849
  9,721
  9,499
  9,189
  8,800
  8,337
  7,810
  7,224
  6,587
  5,906
  5,185
Discount rate, %
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
  683
  856
  1,105
  1,374
  1,598
  1,800
  1,962
  2,073
  2,123
  2,109
  2,033
  1,902
  1,729
  1,527
  1,311
  1,093
  886
  698
  533
  396
  285
  198
  134
  87
  55
  33
  19
  11
  6
  3
Current shareholders' claim on cash, %
  87.2
  71.9
  57.6
  45.7
  35.8
  27.9
  21.8
  17.0
  13.3
  10.4
  8.2
  6.5
  5.1
  4.1
  3.2
  2.6
  2.1
  1.7
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1

B. Riley Financial, Inc. is an independent investment bank. The Company's segments include capital markets, auction and liquidation, valuation and appraisal, and Principal Investments-United Online. The capital markets segment provides an array of investment banking, corporate finance, research, wealth management, sales and trading services to corporate, institutional and high net worth clients. The auction and liquidation segment utilizes a scalable network of independent contractors and industry-specific advisors to tailor its services to the needs of a multitude of clients, logistical challenges and distressed circumstances. The valuation and appraisal segment provides valuation and appraisal services to financial institutions, lenders, private equity firms and other providers of capital. The principal investments-United Online segment consists of businesses, which has been acquired primarily for attractive investment return characteristics.

FINANCIAL RATIOS  of  B. Riley Financial (RILY)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 1.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 4.2
Growth Rates
Sales Growth Rate 68.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 112
Current Ratio 0.2
LT Debt to Equity 18.8%
Total Debt to Equity 19.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 11.1%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 15.3%
Ret/ On T. Cap. - 3 Yr. Avg. 6.3%
Return On Equity 17.1%
Return On Equity - 3 Yr. Avg. 5.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 71.1%
Gross Margin - 3 Yr. Avg. 64.6%
EBITDA Margin 26.8%
EBITDA Margin - 3 Yr. Avg. 13.1%
Operating Margin 25.3%
Oper. Margin - 3 Yr. Avg. 11.7%
Pre-Tax Margin 24.7%
Pre-Tax Margin - 3 Yr. Avg. 10.5%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 29.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 22.7%

RILY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RILY stock intrinsic value calculation we used $322.176 million for the last fiscal year's total revenue generated by B. Riley Financial. The default revenue input number comes from 0001 income statement of B. Riley Financial. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our RILY stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.9%, whose default value for RILY is calculated based on our internal credit rating of B. Riley Financial, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of B. Riley Financial.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of RILY stock the variable cost ratio is equal to 74.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for RILY stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 15.6% for B. Riley Financial.

Corporate tax rate of 27% is the nominal tax rate for B. Riley Financial. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the RILY stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for RILY are equal to 21.8%.

Life of production assets of 11.8 years is the average useful life of capital assets used in B. Riley Financial operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for RILY is equal to -17.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $266.03 million for B. Riley Financial - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 26.127 million for B. Riley Financial is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of B. Riley Financial at the current share price and the inputted number of shares is $0.5 billion.

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COMPANY NEWS

▶ [$$] Palaces for the People by Eric Klinenberg no substitute   [Nov-09-18 07:35AM  Financial Times]
▶ B. Riley Financial: 3Q Earnings Snapshot   [Nov-06-18 05:07AM  Associated Press]
▶ [$$] Opinion today: The new face of German politics   [Oct-13-18 01:02AM  Financial Times]
▶ Los Angeles stocks that are driving Wall Street's latest bull run   [Aug-23-18 02:31PM  American City Business Journals]
▶ Amyris Announces Successful Closing of Secondary Offering   [Aug-21-18 04:30PM  GlobeNewswire]
▶ B. Riley Financial: 2Q Earnings Snapshot   [Aug-02-18 07:43PM  Associated Press]
▶ [$$] B. Riley Acquires Restructuring Adviser GlassRatner   [Aug-01-18 09:00AM  The Wall Street Journal]
▶ B. Riley FBR Expands Team with Four New Investment Bankers   [Jul-23-18 04:30PM  GlobeNewswire]
▶ MOVES- MUFG, B. Riley Financial, HSBC   [Jul-11-18 09:04AM  Reuters]
▶ B. Riley Financial names co-CEOs   [Jul-10-18 05:39PM  MarketWatch]
▶ iPass Secures Credit Facility of Up to $20M   [Jun-19-18 06:05AM  GlobeNewswire]
▶ B. Riley Financial: 1Q Earnings Snapshot   [May-07-18 06:40PM  Associated Press]
▶ B. Riley Financial reports 4Q loss   [Mar-07-18 06:23PM  Associated Press]
▶ B. Riley FBR Acts as Sole Placement Agent to Infinity Bank   [Feb-07-18 09:00AM  GlobeNewswire]
▶ [$$] B. Riley Takes Control of Bebe Stores Inc.   [Jan-16-18 08:44AM  The Wall Street Journal]
▶ [$$] B. Riley Closes $225 Million Transaction for Select Interior Concepts   [Dec-11-17 12:30PM  The Wall Street Journal]

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